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Can the cost of adding a pool be included into the mortgage?

One of the must-haves with our next purchase is a pool however we've located a property that has everything else. Unfortunately, the pool is too big of an item/expense to overlook. With that being said, is it possible to include the cost of a new pool into a mortgage? The home in question is $550k, we'll be putting 20% down and looking to add a pool with a cost of $35k max.
  • May 25 2014 - Boca Raton
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Answers (3)

Hello,

  I would put less money down on the purchase ( I can help with your mortgage) and add mortgage insurance to the loan.  Once your house appraises higher ( pools help value) you can have the MI released.

  This is much cheaper then going with a second mortgage.  The second has a variable rate and could create problems down the road when rates increase.  MI goes away with value. 

Hope this helps.  Let me know if I can help :)

Ryan
  • June 11 2014
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I believe Ray is on to something. You will not be able to finance the pool into the new home, but after making the purchase you may be able to get a HELOC or 2nd mortgage to cover the cost of the pool. You may even be able to get some good financing terms through the pool company where you don't have to bring the whole $35K at once. If you had a lower loan amount (conventional or FHA) then you may have been able to add pool to the mortgage, but since you are in JUMBO financing territory you are very limited with options.
  • May 25 2014
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The pool can't be added to the purchase, but you can put 10% down, get an 80% 1st mortgage and a 10% 2nd.  Or, put 20% down and get the 2nd mortgage after you close to cover the cost of the pool. 

With a purchase, there is no way to get cash back or include money for the construction of the pool. 
  • May 25 2014
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